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XRP holders petition the White House

Photo of: Joseph Stone
by Joseph Stone

Faced with the withdrawal of XRP from all major crypto services in the United States, is the future of the cryptocurrency sealed even before the trial? The XRP community is mobilizing and launching an official petition to challenge the White House.

At the end of December, Ripple recalled that the status of XRP was still far from being decided. Indeed, only the arguments of the American stock exchange regulator are known today. And the first court hearing will not take place until February.

But for the major world exchanges, such as Coinbase, Binance or eToro, the SEC’s position carries considerable weight. Faced with legal uncertainty, they therefore choose to suspend trading for XRP.

For the holders of the token, the financial loss is consequent. Its value has already been divided by more than two. What recourse is there for these “countless innocent XRP holders”, as Ripple calls them?

In the United States, citizens have the opportunity to request state intervention through a formal petition mechanism. To do so, it is possible to file a petition with the “We the People” website.

It was created in 2011, under the Obama administration. Members of the XRP community are therefore mobilizing to try to obtain a political decision on the token from the new management team.

The authors thus call for XRP to obtain the status of a currency. They denounce the “frivolous” action of the SEC, considering on the contrary the crypto-active as a security. However, as the supporters of the petition insist, the FinCEN considers it a currency.

“The SEC’s complaint is detrimental to the holders of the XRP currency, and must cease immediately. The U.S. government has made it clear, as established by FinCEN, that XRP is a currency,” the petitioners state.

However, in order to obtain a response from the government, they will need to gather 100,000 signatories by January 28. As of January 4, the petition had approximately 25,000 signatories. The XRP community will therefore have to work hard to mobilize enough Americans before the deadline.